Investigation of the mechanical and thermal properties of lightweight phosphogypsum-based cementitious materials can enhance the utilization rate of phosphogypsum-based composites and reduce building energy consumption. In this study, various amounts of hollow glass microspheres (HGMs) are incorporated into phosphogypsum-based composite cementitious materials to investigate their effects on mechanical and thermal insulation properties. Subsequently, comparisons are made between lightweight phosphogypsum-based composite cementitious materials produced by foaming and those with added HGMs. The research findings indicate that HGMs significantly mitigate the loss of compressive strength and notably reduce thermal conductivity, aligning with the development needs of lightweight and high-strength construction materials. Specifically, at a 20 % HGM dosage, the specimen exhibits a thermal conductivity of 0.2512 W·m−1·K−1, marking a 46.0 % decrease compared to specimens without HGMs. Additionally, the compressive strength measures at 25.45 MPa, reflecting a 36.4 % decline relative to specimens without HGMs. However, because of the uncontrolled pore structure and size in lightweight phosphogypsum-based composite cementitious materials produced by direct foaming, the decrease in compressive strength of foamed materials is greater than that of materials with added HGMs when the reduction in the coefficient of thermal conductivity is the same. Moreover, the compressive strength of phosphogypsum-based composite cementitious materials made with HGMs decreases more than that made with the addition of HGMs. This can be attributed to the uniform particle size of HGMs, contributing to a singular and complete pore structure within the phosphogypsum-based cementitious materials, thereby optimizing their performance.